From what I understand it's a little of both. CDRH regs do apply to *public performances* and *public spaces*.
On your own private land, you can shine a laser wherever you want -- so long as the beam stays on your land, of course.
Up in the sky is a "gray area" when it comes to this. You don't own the airspace over your land; but it's not really a "public space" either. Though all airspace in the US is categorized as Class A,B,C,D,E or G - Most of what you're going to deal with above your house (unless you live within ~5-6 nautical miles of an airport) is going to be class E or G; Class G being uncontrolled. But that's the FAA's territory not the CDRH's, so it gets kind of confusing:
-The CDRH is a REGULATORY body, not a law enforcement body; they regulate DEVICES, and their classifications, and what is/isnt an accepted use. The CDRH operates -under- the FDA. The FDA is a 'superset' of the CDRH and their regs.
-The FAA is an administrative body, with law enforcement capabilities, but they do not deal directly with lasers (and I've looked; any 'illumination' talk via the FAA is not in FAR/AIM, but it is a 'notice'; not neccessarily a law.) - What the FAA will get you on is 'interfering with operation of aircraft' or the like. Which, to be completely honest, could occur if you point a searchlight at a plane, too. Though I would not be surprised if laser specific sections were incorporated into FAR/AIM soon; they are updated every year.
-The FDA does have enforcement powers - FDA CFR 21 doesn't deal directly with people and how they behave with lasers. It deals with regulation on what laser products are offered. Variances also deal with devices; but if you operate a device incorrectly without obtaining a variance, you, as the operator, can get in trouble.
For some retro reading:
http://www.fda.gov/downloads/Medica...onandGuidance/GuidanceDocuments/UCM119257.pdf
So, in essence, yes, as the other folks said, so long as you don't shine it at a plane you'll be fine (barring some overzealous neighbor or police officer) - just kind of wanted to bring up the 'why'. There are some more "pro" folks here who could probably add a lot more.
The reason I don't generally try to attract attention with my laser, though, is a misinformed cop could come by and give you a bad week. ie., "by the time you get your RPL back, it might be in pieces."